In general, post-Soviet Russia has always earned more from exports than it spent on imports, but when such earnings grow against the background of attempts by the West to take it away, it causes respect.

“The main reason is the price of oil as Russia’s main export commodity,” said Natalia Milchakova, a leading analyst at Freedom Finance Global.

She recalled that in 2023, oil prices were very high, being in a comfortable corridor for exporting countries of $ 75-80 per barrel. At the same time, due to the restrictions of the West and the policy of import substitution, Russia began to import less than in previous years.

The growth of Russia’s exports and trade surplus in 2023 was also helped by the weak ruble, which increased the competitiveness of export raw materials and goods from the Russian Federation.

@vzglyad_ru